LexisNexis® Risk Solutions Can Help You With Your Collections Efforts
When Collections and Recovery departments lack the right tools to be efficient and effective, this can result in such departments spending extensive time and resources on the debt recovery process, with minimal results to show for their efforts.
LexisNexis® Risk Solutions offers debt collection tools that can increase your financial return.
Our Collection Solutions help businesses strategically optimize collections and recovery workflows in order to:
- Leverage unmatched data and advanced linking capabilities to assist with collections efforts
- Identify more right-party contacts through skip tracing software
- Drive increased workflow efficiencies and profitability at each stage throughout the debt collection process to enhance debt recovery success
- Prioritize accounts for optimal payment collection
- Reach out to customers with overdue accounts early by utilizing multiple touch channels such as emails, text messages, phone calls and more
Products Designed with Maximum Debt Recovery in Mind
Collection Agency Tools
LexisNexis® Account Monitoring helps to boost and streamline your collections, servicing and recovery processes by:
- Integrating with your current batch processing application
- Sending daily automated updates for you to quickly review in order to retrieve crucial consumer contact information
- Making collections and recovery processing more cost efficient
Payment Score is a dual performance collections score that ranks accounts based on payment size and the likelihood that consumers will make payments within the next three months. This Collections and Recovery tool from LexisNexis® Risk Solutions provides valuable insights that assists in creating stronger and more data-driven debt collection strategies by:
- Utilizing alternative data to predict a consumer’s ability and willingness to repay bad debt
- Employing data driven intelligence to segment accounts and assign debt collection strategies based on payment collection scores
- Advancing workflow processes and efficiencies
Collections Compliance Tools
The following LexisNexis® Risk Solutions collections and recovery products allow you to focus on impactful debt recovery while simplifying collection efforts.
Accurint® for Collections: Decisioning Workflow delivers seamless access to FCRA-regulated data sets to determine one’s ability to repay debt and prioritize collections accounts to enhance success in the recovery of debt.
Keep well informed about bankruptcy cases to accelerate debt recoveries through LexisNexis Banko® Events Monitoring. Pair this with our product, Banko® Solutions, to employ a nationwide bankruptcy database to help discover, monitor and manage changes in bankruptcy case information.
Debt Recovery Assessment Solutions
Debt recovery assessment solutions allow you to quickly identify debt collection strategy developments to optimize collections and recovery success.
The solutions and products listed above have the ability to work together with the Debt Recovery Assessment Solution from LexisNexis® Risk Solutions along with two of our collections litigation tools:
PAYMETRIX™ AI is a collections and recovery asset search model that can be utilized in pre- or post-litigation debt collection. By identifying undiscovered consumer assets, you are able to determine the profitability ratio of a lawsuit decision and the most effective way to promptly satisfy a judgment.
PAYMETRIX™ AD helps to identify a consumer’s ability to pay off financial debt. This product makes use of proprietary technology to scrutinize whether the cost of pursuing legal action outweighs the benefits. Maximize returns through efficient litigation strategies with Paymetrix.
